Shanghai's prime housing prices soar highest

Shanghai topped major cities around the world last year by posting the biggest annual price increase for houses located in prime areas.

According to a joint wealth report by Knight Frank and Citi Private Bank, prices of prime residential properties in Shanghai soared over 52 percent in 2009 year on year. This was followed by Beijing with a 47 percent jump and Hong Kong with a 40 percent gain. The report tracks 56 locations worldwide, 75 percent of them saw a price drop for prime residential properties. House prices in Dubai and Dublin fell by 45 percent and 25 percent respectively last year.